A new survey has revealed that property asking prices in Dublin have dropped by over ten per cent in some areas.

Year on year growth in asking prices has been slowing consistently over the last twelve months and stood at just 2.1 per cent in April last year, according to property website Daft.ie. This compares with asking price inflation of 13.8 per cent in April 2006.

Daft also said that the top end of the Dublin market has been hardest hit, as some areas showing significant drops in asking prices over the last six months.

The areas of Howth and Malahide have experienced drops of over tan per cent and the areas south of the capital have seen prices plummet by 12.6 per cent.

Areas popular with first time buyers, Lucan and Adamstown, took a much lighter hit with prices down by just 4.2 per cent over the same period. Prices remain ‘relatively stable’ outside Dublin, Daft commented.

They also said "The most notable exceptions to this are Sligo and Limerick cities where asking prices are up 7.8 per cent and 10.5 per cent respectively. Historically, prices in both these cities have been lower than other cities in the Republic".

Source: Daft.ie